I bought twice today: nickel/copper play
First Nickel Inc (C-FNI) - News Release
First Nickel Lockerby data increase resource potential
2006-10-10 11:06 ET - News Release
Shares issued 93,675,715
FNI Close 2006-10-06 C$ 0.38
Mr. William Anderson reports
FIRST NICKEL REPORTS ADDITIONAL POSITIVE DRILL RESULTS AT LOCKERBY MINE
First Nickel Inc. is releasing the balance of results from the phase one 2006 diamond drilling program completed this summer at Lockerby mine.
First Nickel has now received all the analytical results for nickel and copper for the first phase of diamond drilling on the Lockerby Depth and Lockerby East zones. Phase one consisted of a total of 113 holes, representing 19,736 metres of diamond drilling (Lockerby Depth zone: 58 holes, 10,819 metres; Lockerby East zone: 55 holes, 8,917 metres). Results from 23 holes (FNI6301 to FNI6323) on the Lockerby Depth zone were reported in a release dated in Stockwatch May 29, 2006, and the results of 14 holes (FNI3401 to FNI3414) on the Lockerby East zone were reported in news issued in Stockwatch dated Feb. 7, 2006.
The results of the first phase of diamond drilling have met or exceeded management's expectations for both the Lockerby Depth and East zones. Both zones have considerable exploration potential and remain open down plunge. First Nickel believes these results represent a significant increase in the resource potential of the Lockerby Depth and East zones. A second, more detailed phase of diamond drilling, representing up to 10,000 metres of additional drilling between the 64 and 72 levels below the current mine workings began on the Depth zone in September.
Lockerby Depth zone
Diamond drill holes FNI6324 to FNI6357 were completed on the eastern edge of the Lockerby Depth zone. The program was designed to test the eastern extension of the Lockerby Depth deposit. Drill intercepts from phase one indicate that the mineralization extends to the east and west of the 2005 resource outline.
The table summarizes the significant assay results from the Lockerby Depth zone for the reported diamond drill holes. All assay intervals reported are core length and do not represent true widths that are defined as being measured at right angles to the direction of extension of the sulphide body. A complete summary of the diamond drill hole assay information for the first phase of diamond drilling from the Lockerby Depth zone will be available on the First Nickel website, including platinum group elements and gold.
LOCKERBY DEPTH: SUMMARY OF ASSAY RESULTS
Drill
From To length Ni Cu Co
Hole (m) (m) (m) (%) (%) (%)
FNI6324 123.50 128.67 5.17 3.79 1.37 0.12
FNI6325 139370 144.59 4.89 1.87 2.11 0.07
FNI6326 154.50 158.30 3.80 3.66 0.65 0.13
FNI6327 113.26 116.26 3.00 2.83 1.77 0.09
FNI6328 125.45 128.22 2.77 1.68 1.53 0.06
FNI6329 145.20 152.60 7.40 1.45 1.17 0.05
FNI6330 81.13 85.18 4.05 1.23 1.20 0.03
FNI6331 81.51 88.08 6.57 1.77 4.15 0.06
FNI6333 77.10 79.02 1.92 1.47 0.75 0.04
FNI6335 71.53 78.05 6.52 1.40 0.87 0.05
FNI6336 83.45 85.25 1.80 2.08 0.34 0.07
FNI6338 125.86 127.63 1.77 2.47 1.04 0.06
FNI6340 165.64 167.03 1.39 2.75 0.19 0.07
FNI6341 177.00 178.25 1.25 3.59 1.25 0.11
FNI6342 173.10 178.20 5.10 1.04 2.06 0.04
FNI6344 116.40 117.40 1.00 1.42 0.90 0.04
FNI6345 129.55 133.20 3.65 1.05 1.70 0.04
FNI6348 65.50 67.45 1.95 1.76 0.56 0.05
FNI6354 190.40 194.25 3.85 1.44 1.16 0.06
FNI6355 209.80 218.50 8.70 1.97 0.65 0.05
FNI6357 201.42 204.10 2.68 1.37 0.45 0.04
As part of the continuing compilation program at Lockerby mine, historical diamond drill hole information above the 42 level has been entered electronically for further evaluation and modelling. This project could identify areas of good exploration potential within the vicinity of the existing mine infrastructure above the present operations on the Lockerby Depth zone.
Lockerby East zone:
Diamond drill holes FNI3415 to FNI3445 and FNI3301 to FNI3309 were completed on the Lockerby East zone, testing the strike extent of the nickel-copper sulphide mineralization below the existing infrastructure, and the down-plunge potential and the extent of the footwall-hosted mineralization intersected in FNI3414 (5.60 per cent Ni and 1.26 per cent copper over a drill length of 10.0 metres). The diamond drill program identified significant potential for additional footwall-hosted mineralization and the Lockerby East zone remains open down plunge.
The table summarizes the significant assay results from the Lockerby East zone for the reported diamond drill holes. All assay intervals reported are core length and do not represent true widths that are defined as being measured at right angles to the direction of extension of the sulphide body. A summary of the diamond drill hole assay information for the first phase of diamond drilling from the Lockerby East zone will be available on the First Nickel website.
Drill
From To length Ni Cu Co
Hole (m) (m) (m) (%) (%) (%)
FNI3415 125.48 127.55 2.07 2.22 0.41 0.04
FNI3416 156.85 159.55 2.70 2.79 0.30 0.05
FNI3417 186.65 188.12 1.47 3.67 1.41 0.09
FNI3418 210.74 222.85 12.11 3.37 0.85 0.07
FNI3419 113.10 116.10 3.00 2.60 1.62 0.04
FNI3420A 45.15 52.45 7.30 3.81 1.15 0.07
FNI3421 39.30 43.08 3.78 1.99 0.42 0.04
FNI3422 39.00 48.44 9.44 1.89 0.22 0.03
Incl. 46.94 48.44 1.50 5.51 0.14 0.10
FNI3423 40.92 42.30 1.38 4.61 0.82 0.10
FNI3424 44.76 46.45 1.69 2.59 0.52 0.05
FNI3426 50.85 51.85 1.00 3.15 0.47 0.07
FNI3428 34.80 44.80 10.00 2.15 2.31 0.04
FNI3429 51.25 56.30 5.05 1.94 1.15 0.04
FNI3430 50.95 69.25 18.30 1.91 0.60 0.04
Incl. 64.45 69.25 4.80 3.15 0.79 0.06
FNI3431 89.79 97.33 7.54 4.07 0.64 0.08
FNI3432 107.45 112.00 4.55 3.19 0.97 0.07
FNI3433 126.65 130.00 3.35 3.37 0.75 0.06
FNI3434 83.75 87.12 3.37 4.24 0.89 0.07
FNI3435 41.04 42.80 1.76 2.81 3.56 0.06
FNI3438 87.30 89.25 1.95 3.22 1.88 0.05
FNI3439 127.25 130.10 2.85 3.34 0.56 0.07
FNI3444 188.65 190.65 2.00 4.00 0.51 0.07
FNI3445 133.58 134.65 1.07 5.60 1.26 0.10
The footwall-hosted sulphide mineralization intersected in FNI3414 has been extended based on the diamond drill program. This mineralization appears to be associated with a sulphide system extending from the contact-style sulphides into the footwall granites. There exists significant potential to discover similar footwall-hosted mineralization around the Lockerby East zone.
Production is scheduled to begin on the Lockerby East zone later in 2006.
Up plunge of the Lockerby East zone has been interpreted by First Nickel as being a mineralized corridor possibly linking the Lockerby East zone to the Conwest zone (located on the West Graham property currently under option by First Nickel). An exploration program is being developed to test the Lockerby East zone both above and below the current mine workings.
The diamond drilling program was carried out under the supervision of First Nickel's Sudbury exploration manager, Phil Vicker, PGeo, a qualified person as defined by National Instrument 43-101, and chief mine geologist, Stephen Conquer, PGeo, a qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Paul Davis, PGeo, vice-president of exploration for First Nickel, a qualified person as defined by National Instrument 43-101. First Nickel follows a rigorous QA/QC protocol on all of its exploration projects. Whole drill core is sampled and sent to a commercial laboratory, SGS Laboratories in Garson for preparation and specific gravity measurements and shipped internally by SGS to Toronto for assay. A rigorous quality assurance/quality control program is employed which includes the insertion of standards and blanks for each batch of samples. Historic analytical work completed by Falconbridge was completed by a commercial laboratory, Lakefield Laboratories.
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